The Country's Benchmark Stock Index Is on Track to be the Second-Best Performer in Southeast Asia

Stocks in Malaysia rose to a record closing level, fueled by local investors piling in as the government takes aggressive steps to cut down on costly energy subsidies and free up cash for infrastructure projects.

An 8.4% rally since late August has turned the Southeast Asian market into a standout performer. The market has supplanted Thailand and the Philippines, which were the region's stars earlier in the year.